The Glazer family have issued a notice of intent to sell just over 10 per cent
of Manchester United on the New York Stock Exchange.

The news comes on the day United confirmed they have surpassed Barcelona’s £125 million world record shirt sponsorship deal with the Qatar Foundation by striking a seven-year agreement with Chevrolet believed to be worth in the region of £200 million.

An announcement of the share sale was made last night and confirms an intention to raise around $300 million (£191 million).

However, there does appear to have been a significant shift in how the proceeds will be used.

Previously, it was suggested the entire sum would be used to pay off United’s massive debt, which currently stands at over £400 million.

However, the prospectus released to accompany Monday night’s announcement indicates only half the money will be used in that way, with the rest going directly to the family.

If that proves to be the case it will provoke fury among the United support, who have already seen vast amounts of cash disappear in various charges following the Glazer family takeover in 2005.

United, whose current £20 million-a-year shirt deal with the American insurance giant Aon still has two seasons to run, had earlier announced they will begin their partnership with Chevrolet, who signed a lower-level partnership deal with United just six weeks ago, in the 2014-15 campaign.

The agreement with US car manufacturer General Motors, owners of Chevrolet, could have been significant in terms of raising awareness of the club, and confidence in their financial situation, ahead of the flotation.

United’s agreement takes the club to the top of the shirt-deal table ahead of Barcelona and Bayern Munich, whose agreement with Deutsche Telekom is worth an annual £23 million.

Exact figures have not been disclosed by United or Chevrolet, but it is understood the deal is worth in the region of £28 million a year and that it was accelerated by General Motors following the impact of United’s visit to China last week for the Chevrolet Cup match against Shanghai Shenhua in Shanghai.

Aon, who paid almost half of the £80 million sponsorship fee to United in the first year of their agreement, did not table a rival offer to Chevrolet to extend their deal, but they are to continue their association with United through the club’s charitable foundation.

United commercial director Richard Arnold said: “This is a fantastic, long-term deal for the club.”